Inside the world’s first hash war
I’d like to start off with my personal view of what Bitcoin is. Bitcoin is sound money for the entire world to use. I believe that the current economic model as designed by Satoshi Nakamoto works, today. The software client will of course require regular development in order to scale to global capacity, but the foundation of its economic design is rock solid. With the removal of the blocksize cap, it has worked flawlessly up until now, and we can steer the ship to success.
The various voices that criticise my stance on “locking down” the protocol are truly unfounded. If I wanted to lock down client and avoid further changes, why would Coingeek be funding things like the Terab project? It’s because Coingeek is committed to looking ahead, and to scaling Bitcoin for the entire world.
This isn’t about control. This is about Coingeek and friends casting their economic vote, in order to protect a vision of Bitcoin that we believe in. That vision, is scalable, workable money for the entire world. The people at Coingeek and myself have worked very hard on this vision. We have poured countless resources and money into sponsorship programs to spread the message of BCH. We have funded, and put money into a variety of projects such as Terab, and Cash Shuffe. We have been donating to charities in an effort of goodwill and BCH promotion. Further, recently, we even announced the winner of a £5 million tokenization project, with a further £1m yet to be awarded to another project in the same area.
All of these ventures and movements by Coingeek have been done in the name of, and for the success of BCH. The tremendous mining power we have been employing lately is a sign of our dedication to building and protecting BCH. The hashrate not only protects the network, but provides Coingeek with an economic voice to vote for or against proposals. It is in this case that we disagree with the fundamental direction of ABC. We do not agree that there needs to be a rushed transactional ordering change in blocks, and we do not agree on the introduction of other opcodes providing that Bitcoin script can attain the same function.
We have stated previously, that we are not in the business of rejecting any change. But we do view Bitcoin as a global solution to money that needs to be viewed and worked with in a more rigorous, and meticulous manner. Major changes that are not urgent, can afford the time for research and sound testing time.
It’s important to note, that above all, Bitcoin SV, does not introduce anything new that Satoshi Nakamoto did not include in his roadmap for Bitcoin. We would like to see the original implementation restored in it’s entirety, first and foremost. It is a key differentiator of roadmaps between ABC, and Bitcoin SV.
I have been invested in Bitcoin for quite a while, and more recently, I have invested heavily in infrastructure to support BCH from the ground up. The countless hours of effort and millions of dollars spent have been with one goal in mind. To make Bitcoin BCH the leading cryptocurrency in the world, and to have it working as global money for the entire world.
We have already had glimpses of BCH’s prowess. Numerous projects are rolling in demonstrating its capability in smart contracts, tokenization, social media, private messaging, and much more. It’s clear that Bitcoin BCH outperforms Ethereum and any other crypto for scalability and workability. BCH is valuable… much more valuable that its current market valuation may suggest. It has an incredible future that needs to be protected.
Bitcoin is not a developer’s playground. In any business, or system, it is the economic incentives that drive progress. Too many times, in crypto communities, it has been the tail wagging the dog. And it’s time we professionalize and make a stand on the direction that we believe in, to ensure the longevity of the currency that we as a community have invested in… Not just in the next few years, but for decades forward. We plan to do all that we can within our means, to make Bitcoin BCH global scale. This is why I support Satoshi Vision, and I invite you join in allegiance for a better money for the world.
If you want to hash out the world’s first hash war with the thought leaders and other members of the Bitcoin BCH community, join the upcoming CoinGeek Week Conference this November. The four-day conference, taking place in London on November 27-30, will kick off with Miners Day—an invitation-only event where miners can discuss latest BCH advancements. Secure your seats to CoinGeek Week today via Eventbrite.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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When the August 2017 Bitcoin Cash hard fork took place, it did not really create a new coin. Instead, Bitcoin Cash (BCH) was the rebirth of the original Bitcoin, designed to stay to true to the Satoshi Vision (SV).
With Bitcoin BCH, the roadmap is for massive on-chain scaling by significantly increasing the block size, enabling fast transaction processing, and keeping transaction fees very low. The key BCH developer groups have had some differences about how quickly BCH should scale, and the dangers of developer groups constantly trying to experiment with proposed technical changes to the Bitcoin protocol.
Now we have Bitcoin SV, the new full node implementation for Bitcoin BCH that will restore the original Satoshi protocol, keep it stable, enable it to massively scale, and allow major businesses to confidently build on top of BCH. By trusting the original design of Bitcoin rather than constantly changing it, Bitcoin SV will support global adoption, enterprise-level usage of BCH, and allow miners to earn more longer-term revenue.
To gain more insight about Satoshi Vision, as well as Bitcoin SV and SVPool, miners are invited to attend the CoinGeek-sponsored Bitcoin BCH Miners Choice Summit, taking place at The Harbour Grand Hotel in Hong Kong on November 2.
The dynamic half-day conference will feature the industry’s most exclusive guest speakers, including nChain Chief Scientist Dr. Craig S. Wright and nChain Group CEO Jimmy Nguyen, along with CoinGeek Mining’s Bob Yuan, one of the most respected mining professionals in China. More speakers will be announced soon.
Recently, Dr. Wright launched his personal initiative—the public Bitcoin BCH mining pool SVPool—to all public miners on the Bitcoin BCH network. SVPool represents BCH miners who support the Satoshi Vision and want to generate more long-term revenue. BTC miners who believe in Bitcoin’s original vision are also invited to begin mining BCH with SVPool.
Wright explained: “If you believe in Bitcoin’s original vision, you believe in Bitcoin SV and SVPool. For too long, developer groups have repeatedly tried changing Bitcoin. The original Satoshi protocol for Bitcoin does not need to be fixed. It has everything BCH needs to massively scale, support tokenization, smart contracts and other advanced features, and become the only global public blockchain. Just like the Internet has a stable protocol, Bitcoin needs a stable protocol so businesses can build upon a rock solid foundation rather than constantly moving sand.”
The CoinGeek-sponsored Bitcoin BCH Miners Choice Summit is an event not to be missed. Seats are limited, so best to RSVP now to [email protected] to confirm your attendance at this iconic event.
Miners are also invited to take part in the CoinGeek Week Miners Day, happening during the CoinGeek Week Conference in London this November. The SVPool and CoinGeek Mining team will be on-hand to discuss how you can do your part in making Bitcoin BCH realize its full potential. Secure your seat today via Eventbrite for the four-day conference that’s shaping up to be the essential Bitcoin BCH conference this fall.
The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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In this interview with CoinGeek’s Becky Liggero, the nChain CEO discusses the three pillars of Bitcoin SV—stability, scalability, and security.
October 15 marks an important event for the Bitcoin Cash (BCH) community. On that day, the release candidate of the Bitcoin SV alpha client went live, one month ahead of the November Bitcoin Cash (BCH) network upgrade.
Bitcoin BCH miners and mining pools are encouraged to begin using Bitcoin SV, which is a new full-node implementation for Bitcoin BCH designed to fulfill the vision set out by Satoshi Nakamoto’s original Bitcoin white paper. Currently, the Bitcoin BCH ecosystem has a number of full node implementations available, but what makes Bitcoin SV stand out?
The answer, according to nChain CEO Jimmy Nguyen, is straightforward: Like its initials, which stand for Satoshi Vision, Bitcoin SV better fulfills the original vision for Bitcoin.
“The goal of Bitcoin SV is to restore the original Bitcoin protocol, and then create an implementation that enables a protocol that is stable, scalable, and secure,” Nguyen explained. “Those are our three main goals, and it’s designed to really allow a protocol to enable what bitcoin was always meant to be but could not be once Bitcoin Core [BTC] took over the protocol, but now that it’s been reclaimed in bitcoin cash, we want the software implementation to enable that vision to come to life.”
With a stable protocol, businesses—especially the big businesses—will feel comfortable operating on it. Take the internet, for instance. Its evolution has been very slow, which, according to Nguyen, makes sense since businesses or those running websites or mobile applications don’t want have to deal with time consuming, expensive protocol changes every six months.
“Do you want the big business of the world to build their house, their projects, on sand or on a rock foundation? We don’t want the platform and the protocol to be moving quickly every six months. We want foundation to be rock solid,” the nChain CEO noted.
Scalability is another key component of Bitcoin SV. While other implementations seek a gradual approach to scaling, nChain believes that the Bitcoin BCH network needs to scale bigger and quickly. With Bitcoin SV 0.1 version, the default maximum size of accepted blocks has also been increased from the 32MB soft limit to 128MB. The reason behind this comes down to one thing: economic reality. For Bitcoin BCH miners to remain profitable in two years, when the halving event is set to take place, the network needs to start scaling now.
For big businesses, scalability is also critical. Nguyen said, “They want to know that the network will be able to sustain the large capacity that’s needed for their project and other companies’ projects because otherwise they’re going to be hesitant to say, ‘Why would I commit millions of dollars of resources and time to build let’s say my blockchain application on a network which may not be able to sustain that scalability issues?’”
Speaking of critical issues for cryptocurrencies like Bitcoin BCH, we have security. For the Bitcoin SV team, it means developing a world-class security system for Bitcoin SV’s code.
“Security is definitely this key issue. We are going to work as hard as possible to implement the best practices possible and modeling some of the best practices from security systems and rigorous processes in some of the most mission-critical industries such as aerospace, national security, transportation. I think that will serve the bitcoin community well,” Nguyen said.
In closing, the nChain CEO addressed the potential split that could happen in November, saying that it’s natural in the Bitcoin ecosystem for groups to emerge with a different plan and vision—and it’s up to the miners to choose.
Unlike other implementations, Bitcoin SV is born out of the desire to empower miners to direct the future of Bitcoin and also to ensure BCH miners remain profitable. Miners will have a choice and a voice to drive the process of restoring Bitcoin to its optimal state—that of unbounded blocks, original op_codes, and no artificial limits imposed on the protocol.
“We believe it’s time for bitcoin to grow up. It’s time for bitcoin to professionalize. We want a massively scaled network, we want worldwide adoption and enterprise-level usage. We want 5 billion people using Bitcoin Cash in the years to come. To get there, we need to demonstrate that its ecosystem is professionalized with world-class security, quality assurance practices with a scaled network, with big blocks to support big enterprise and global payments. And, going back to the first pillar, a stable protocol,” Nguyen said.
The Bitcoin SV project was created at the request of and sponsored by Antiguan-based CoinGeek Mining, with development work initiated by nChain. The project is also owned by the Antiguan-based bComm Association on behalf of the global BCH community, and the Bitcoin SV code is made available under the open source MIT license. Check it out during Miner’s Day at the upcoming CoinGeek Week Conference in London next month.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
The post ‘It’s time for Bitcoin BCH to grow up’: Jimmy Nguyen explains the importance of Bitcoin SV appeared first on Coingeek.
比特币现金（BCH）公共矿池——SVPool于本周三正式挖掘出其首个比特币现金（BCH）区块，因此本周成为SVPool里程碑的一个重要节点。
10月10日下午2点12分（UTC时间），一个大小为7.15MB、高度为55185的区块被挖出，该区块包含25笔交易。根据Coin Dance与Bitfire公布的数据，尚无法正式确定SVPool是该笔交易的执行矿工，但是Coinbase上显示的付款地址为SVPool.com。
SVPool是由nChain的首席科学家克雷格·怀特博士（Dr. Craig Wright）以个人名义发起的一项计划，截至10月底，本计划尚处于上市测试阶段，仅限受邀人士参与。从11月份开始，SVPool将对公众完全开放。您可以点击本处注册报名加入矿池。
截至发稿时间，全球各地的数百位矿工已注册加入SVPool——人数远远超出9月份预注册的233位。这些报名加入SVPool的矿工大多来自美国、中国、英国、加拿大、澳大利亚与印度。矿池中还有一些矿工来自其他国家和地区，包括西班牙、南非、巴西、德国、韩国、日本、马来西亚、瑞典、委内瑞拉、俄罗斯、瑞士以及荷兰。
SVPool提供PPLNS（根据过去的N个股份來支付收益）作为初始模式，目前，正在努力开发更多功能以及PPS+（Pay-per-share plus）选项，预计将在十一月份正式推出。
CoinGeek Mining将负责SVPool的运营管理，为大大小小的矿工提供帮助并支付报酬，从而确保比特币现金真正实现去信任、去中心化系统属性。这一公共矿池与CoinGeek团结一心，坚信比特币现金是唯一一种可以实现中本聪愿景的、真正的比特币。
无独有偶，矿工们还受邀于2018年11月28日参加CoinGeek周的矿工日，该日将作为在伦敦举行的CoinGeek周大会的一项重要活动，届时SVPool团队与CoinGeek团队将亲临现场并与参会者共同探讨如何能帮助比特币现金发挥全部潜能。您可以通过Eventbrite预订参会席位，这次为期三天的盛大会议将成为今秋最为重要的一场比特币现金大会。
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
The post SVPool成功挖掘出首个比特币现金区块 appeared first on Coingeek.
The BCH Boys, Bitcoin BCH enthusiasts who are on a mission to introduce the cryptocurrency to the world, sat down with nChain’s Jimmy Nguyen for an interview on Wednesday. They talked about projects being worked on at nChain, as well as what is in store for the future. A significant amount of time was utilized to cover the upcoming network upgrade in November and the role Bitcoin SV plays in Bitcoin BCH’s future. The interview is available on YouTube and is an invaluable tool for understanding what’s really going on with the Bitcoin BCH blockchain.
Nguyen leads in by providing some background behind why Bitcoin BCH was necessary. Many in the early cryptocurrency community recognized that Bitcoin Core (BTC) developers were not adhering to the digital currency guidelines that were presented by Satoshi Nakamoto, opting instead to develop their own crypto playground. These individuals pulled together to ensure that the true digital currency envisioned by Satoshi could live on and it does—only through Bitcoin BCH.
He points out that developers have a tendency to want to change things up every few months and are making network alterations that are neither requested by the community nor warranted. These developers are trying to take control of the blockchain when, in reality, the entire community rightfully needs to be in control—hence, a decentralized network. As Nguyen poignantly stated, “[The blockchain] is not a place for experimentation.”
Miners have the most at stake with a blockchain. They’re the one that drive the network’s success. Without miners, there is no blockchain. In order to ensure that mining will be able to continue as the network continues to become more popular and halves every few years—a process that is built into the system—it is important to offer them an incentive that allows for mining to remain economically viable.
This is where Bitcoin SV comes in. Bitcoin SV is a full node implementation of the Bitcoin BCH protocol and is being developed in order to give miners a choice. It will provide stability, scalability and security—key factors in a blockchain’s long-term success.
The other benefit to Bitcoin SV, and probably the more important benefit, is what it will mean to big business. Businesses won’t accept any platform— blockchain or otherwise—that is constantly being tweaked and manipulated based on the whimsical desires of developers. Business owners want to know that they can rely on the platform to carry them five or ten years into the future. This won’t be possible with the current makeup of any blockchain.
Says Nguyen, “Scalability is the pillar of Bitcoin SV.” He explains that nChain, along with industry experts, conducted numerous tests to determine what is necessary now in order to be prepared for the future. All of the models— pricing, transaction composition and different economic factors—show that the minimum block size needed in two years will be at least 200MB, if not more. In order to reach that level, scalability has to begin today.
In order to ensure that Bitcoin SV is viable as a secure and stable system—requirements for both miners and businesses—nChain has brought in teams of independent auditors to review and test the code, it is offering bug bounty programs and participating in a gigabit testnet. All of these activities will help ensure the strength and integrity of the Bitcoin BCH blockchain.
Wrapping up, Nguyen touched upon the upcoming CoinGeek Week Conference on Nov. 28-30. He mentioned that there would be some exciting announcements made during the event from nChain and other Bitcoin BCH companies that are sure to make enthusiasts happy. Tickets to the three-day conference are still available via Eventbrite.
Bitcoin BCH has the ability to change the world. There are many in the ecosystem that are working hard to bring about positive change, but it can only happen if everyone understands what cryptocurrency is to be used for—a decentralized, peer-to-peer digital currency.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
The post Jimmy Nguyen tells BCH Boys: Scalability is the pillar of Bitcoin SV appeared first on Coingeek.
This week marks a milestone for public Bitcoin Cash (BCH) mining pool SVPool, which officially mined its first Bitcoin BCH block on Wednesday.
At 2:12 p.m. UTC on Oct. 10, a 7.15MB block was mined at block height 55185, which accounts for 25 transactions. Data available on Coin Dance and Bitfire have yet to officially identify SVPool as the miner behind the transaction, but the Coinbase pay-to address is that of SVPool.com.
A personal initiative of nChain Chief Scientist Dr. Craig Wright, SVPool is currently on a by-invitation only beta launch until late October. After that, SVPool will open up to the public. You can still sign up here for the mining pool.
At press time, hundreds of mining registrants around the world have already signed up for SVPool—a huge jump from the 233 miners that pre-registered in September. Majority of these miners are from the United States, China, United Kingdom, Canada, Australia, and India. The mining pool also has miners from Spain, South Africa, Brazil, Germany, South Korea, Japan, Malaysia, Sweden, Venezuela, Russia, Switzerland, and the Netherlands, among others.
SVPool offers an initial Pay-per-last-N-Shares (PPLNS), but it is already working towards adding more features and Pay-per-share plus (PPS+) options by November.
SVPool is managed by CoinGeek Mining, and will help and remunerate miners—large or small—to ensure BCH remains a truly trustless and decentralized system. The public mining pool stands in solidarity with CoinGeek in the belief that BCH is the only true Bitcoin that fulfills that Satoshi Vision.
Incidentally, miners are also invited to the CoinGeek Week Miners Day, taking place on 28 November 2018 as part of the CoinGeek Week Conference in London, where the SVPool and CoinGeek team will be on-hand to discuss how you can help Bitcoin BCH realize its full potential. Secure your seat via Eventbrite for the three-day conference that’s shaping up to be the most important Bitcoin BCH conference this fall.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
The post SVPool mines first Bitcoin BCH block appeared first on Coingeek.
More than 200 Bitcoin Cash (BCH) miners have already pre-registered to join SVPool ahead of its launch later this month, a sign of a growing appetite in the community for ‘Satoshi Vision’ and the Miner’s Choice initiative.
At press time, some 233 miners and groups around the world have already signed up for SVPool. Majority of these registrants come from the United States, followed by Canada, United Kingdom, Australia, China, India, South Korea, Brazil, Japan, Germany, Malaysia, Spain, and Venezuela.
These groups are joined by miners from Russia, South Africa, Sweden, the Netherlands, Vietnam, Finland, France, Iran, Mexico, New Zealand, Norway, Philippines, Qatar, Switzerland, Austria, Bulgaria, Cayman Islands, Chile, and Colombia. Groups from Croatia, Denmark, Greece, Hong Kong, Israel, Italy, Kazakhstan, Pakistan, Portugal, Rwanda, Saudi Arabia, Singapore, Swaziland, Taiwan, Thailand, UAE, Uganda, Ukraine, Uzbekistan, and Belgium round up the first batch of early registrants for SVPool.
A personal initiative of nChain Chief Scientist Dr. Craig Wright, SVPool is a public Bitcoin BCH mining pool that will represent miners following the original Satoshi Nakamoto vision via the Bitcoin SV implementation of the BCH protocol. SVPool stands in solidarity with CoinGeek in the belief that BCH is the only true Bitcoin that fulfills the Satoshi Vision.
SVPool will have an initial Pay-per-last-N-Shares (PPLNS) offering when it goes live towards the end of September, while a Pay-per-share plus (PPS+) option will be added in November. SVPool, managed by CoinGeek Mining, will help and remunerate miners—large or small—to ensure BCH remains a truly trustless and decentralized system, in accordance with the original Nakamoto white paper.
Want to help Bitcoin BCH realize its full potential? Pre-register now for SVPool.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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